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OneSavings Bank grows despite stamp duty rise, shares jump
OneSavings Bank (OSB) has had to contend with the double whammy of the stamp duty hike for buy-to-let landlords and a cut in interest rates so far this year. Chief executive Andy Golding was keen to reassure investors the impact on the challenger bank is limited. Firstly, OneSavings Bank targets professional buy-to-let landlords with multiple properties rather than those with "one bit of chrome and glass somewhere", he says. Higher tax charges are expected to professionalise the market. Secondly, the bank has hedged any of its liabilities that are priced at a fixed rate of interest.